Req 4

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Requirement 4. Prepare a perpetual inventory record using average cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Purchases Inventory on hand Cost of goods sold Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost - X Mar 1 Data table Mar 41 Mar 12 Date Item Mar 22 Quantity Unit Cost 10$ 70 Mar 1 Balance Mar 311 4 Purchase 40 $ 72 Total 12 Sale 45 26 $ 74 22 Purchase 31 Sale 20